The UK fashion market is expected to grow at a sluggish pace this year, according to new research.
A report published by market trend analyst Mintel estimated fashion sales are set to rise marginally by nearly 2% (1.9%) in 2017, down on growth rates of 2.4% last year and 5.6% in 2015.
Mintel said UK consumers are abandoning material possessions for leisure activities and experiences. The leisure and entertainment market grew by 3.2% in 2016, outpacing the fashion market in the same period.
Menswear sales are expected to increase the most within fashion, after posting a 2.8% rise last year. However, a fifth of male respondents said they spent less money on clothing and accessories during this timeframe, compared with more than a quarter (26%) of women.
The research also found that 26% of consumers are worried that clothes prices will continue to climb.